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IFRIC issues its first interpretation

  • IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

28 May 2004

The International Financial Reporting Interpretations Committee (IFRIC) has published its first interpretation.

IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities contains guidance on accounting for changes in decommissioning, restoration and similar liabilities that have previously been recognised both as part of the cost of an item of property, plant and equipment and as a provision (liability). An example would be a liability that was recognised by the operator of a nuclear power plant for costs that it expects to incur in the future when the plant is shut down (decommissioned). The interpretation addresses subsequent changes to the amount of the liability that may arise from (a) a revision in the timing or amount of the estimated decommissioning or restoration costs or from (b) a change in the current market-based discount rate. Click for Press Release (PDF 27k).

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